Netflix is opening up 'Netflix Bites' at the MGM Grand in Las Vegas. Netflix says they are opening this latest experimental project later this month as a full-service restaurant.
Netflix had previously opened a dinner only restaurant in Los Angeles in 2023 to mixed reviews and closed in six weeks. Netflix Bites will serve breakfast, lunch, and dinner 7 days a week and offer dishes inspired by their iconic shows, including Stranger Things, Bridgerton, Squid Game, One Piece, Love is Blind, and Nailed It!
Netflix Bites is the streamer's push into live experiences, which will culminate later this year when it opens Netflix House, with locations in Pennsylvania and Texas offering food, retail merch sales, and experimental offerings.
"With Netflix Bites Vegas, we're taking fan-favorite shows from screen to table and turning that into a culinary adventure", says Josh Simon, Netflix VP consumer products, "We're excited to offer fans a new way to experience their favorite stories."
I guess my question is why? Netflix is by far the largest content streamer on a global basis - operating on over 190 countries and having more subscribers worldwide then all other streaming services combined. I can see trying to link their hit shows to a consumer experience but why restaurants with their huge cost of buildout, heavy, hands-on management, and extreme competition.
Arguably, Netflix was the best stock to own over the last 15 years (with a total return of 11,554% over that time) but there must be other ways for them to parlay their success besides opening restaurants that sell merch. The key to success, for any content streamer is to retain (and increase) your subscription base - which is becoming harder and harder to achieve. I believe a better way for Netflix to grow outside their core business is to purchase already successful podcasts and social media outlets which would help in cementing their subscriber base.
By: Jim Lavorato
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